Spider Resources

This thing called the Ring of Fire, now officially called Canada's next mining district by Government types is underfire by the unscrupulous. They got away with it with FWR, don't let it happen here again folks.

FWR had a total of 4-100% claim blocks and 5 JV claim blocks in the entire Rin of Fire which to this day is largely unexplored, yes there is that 50 - 60 million tons of Chromite at Blackthor, that being said Big Daddy is a prize compared to Black Thor, comparisons below. First Blackthors inferred. Pay attention to percentages of Cr203/tons

Now, Big Daddy

Summary of the Big Daddy Massive Chromite Resources

Deposit/Code   Category    Cr2O3% Interval   Tonnes x 106   Avg. Cr2O3%   Cr/Fe Ratio   
BD 1 (100)       Indicated       25.0 - >35.0                13.4           40.49                  2             
BD 2                 Indicated       25.0 - >35.0                9.8            40.88                  2             
Grand Total      Indicated                                          23.2           40.66                 2             
                                                                                        
                                                                                        
BD 1 (100)     Inferred           25.0 - >35.0                7.2            38.48                 2             
BD 2               Inferred           15.0 - >35.0                9.1            39.57                 2             
Grand Total    Inferred                                              16.3           39.09                 2             

(Includes minimal waste within the tightly constrained massive Cr2O3 domain)

Note: The tonnages have been rounded to 1 decimal for grand totals.

Summary of the Big Daddy Chromite Deposit @ 15% Cr2O3 Cut-off

Deposit/Code   Category    Cr2O3% Interval   Tonnes x 106   Avg. Cr2O3%   Cr/Fe Ratio   
BD 1 (100)       Indicated             .01 - >35.0         15.5                 39.05                  2             
BD 2                 Indicated           0.01 - >35.0        10.9                  39.82                 1.9           
Grand Total    Indicated                                         26.4                   39.37                  2             
                                                                                        
                                                                                        
BD 1 (100)     Inferred                 0.01 - >35.0      10.1                   36.4                   1.9           
BD 2               Inferred                0.01 - >35.0      10.4                    38.51                  2             
Grand Total    Indicated                                        20.5                    37.47                1.9           

(Includes internal waste within the 15% Cr2O3 envelope)

Note: The tonnages have been rounded to 1 decimal for grand totals.

Micon further reports that the geological observations and interpretation, statistical analysis and spatial analysis of the data demonstrate a high level of continuity in the mineralization both in the lateral and vertical sense. The broad zone of continuity is clearly defined to justify the bulk of the deposit being categorized as Indicated.

The portion of the deposit below the -220 m and -160 m elevation (for BD1 and BD2 respectively), as well as all of the satellite bodies whose geological continuity is somewhat questionable, have been categorized as Inferred. The bulk of the Inferred category of the major components of the deposit remains to be drill tested. The lower limit of the inferred resource (being 600 m below surface) is considered very prudent. The interpretation is based on the large thicknesses of the massive chromite encountered in the line of the deepest holes suggesting that at between 350 m and 400 m depth, the deposit is not narrowing at depth, and is also consistent with a Magnetic 3D inversion which suggests that the ultramafic rocks hosting the chromite mineralization extend to a depth of +/- 1,700 metres.

Micon further reports that in order to upgrade the resource from indicated and inferred to the "measured category", a few strategically positioned drill holes will be required.

Whilst additional resources may be discovered by deeper drilling, Micon believes that the optimal economic depth for mining should be determined before such drilling is undertaken. Thus in the short to medium term, additional drill programs are not necessarily a priority.

Cliffs had no choice but to try now before this became a measured deposit.

In addition to the differences in Cr203% SPQ has more land in the Ring of Fire, Canada's Next Mining District.

The SPQ/KWG Jv props include 321 claim units within 25 claim blocks

The SPQ/KWG/Renforth Jv props there's 383 units within 27 claim blocks

The SPQ/KWG/UC Jv props have a whopping 1982 units within 138 claim blocks

of whick 21 blocks rest on the RFI...the red line.

So much more ..... shall we say, Future potential.

Nice release this am, this recent Diamond find will peak Debeers interest all the more, and that was a rather nice intercept.

Voted merger.

Rob

i apologise in advance for the poor formatting.